I beg to move, That the Bill be now read the Third time.
I would like to thank Members across the House and noble Lords in the other place for the interest they have shown in this legislation throughout its passage. The Bill may be narrow in scope, but the underlying agreement it relates to and the benefits it could bring for British business, the economy and the British people are wide-ranging. By acceding to the comprehensive and progressive agreement for trans-Pacific partnership, we will strengthen our ties with some of the world’s most dynamic economies and gain greater access to the Indo-Pacific region, which will account for the majority of global growth and around half of the world’s middle-class consumers in the decades to come.
Crucially, acceding to the CPTPP will mean improved market access for UK exporters in existing CPTPP parties, including Malaysia and Brunei—our very first free trade deal with these fast-growing economies. In turn, the partnership will simplify supply chains and cut costs for innovative firms based here in the UK, such as Wrightbus, a long-established family-owned Northern Ireland bus manufacturer, which will benefit from opportunities to import parts at lower tariffs from Malaysia. We have also agreed more liberal rules of origin with Malaysia, making it simpler for British brands such as Jaguar Land Rover to export British-designed, British-made vehicles to that market at lower tariffs.
However, our future accession will be good not just for British businesses selling their goods abroad but for consumers here at home. It could provide consumers with wider choice and cheaper prices at the supermarket checkout, on everything from Chilean and Peruvian fruit juices to honey and chocolate from Mexico. Inward investment in the UK by CPTPP parties will be encouraged when we accede, building on some £182 billion-worth of investment in job-creating projects in 2021 alone.
As hon. Members will know, the Bill affects the whole of the UK. Clause 3 and the parts of the schedule relating to Government procurement engage the Sewel convention, so we have sought legislative consent from the Scottish Parliament, the Senedd and the Northern Ireland Assembly. Let me reassure hon. Members that there has been regular engagement with the devolved Administrations before the Bill was introduced and throughout its passage at both Ministerial and official level. I thank the devolved Administrations’ Ministers and their teams for working so constructively with us. It is in part thanks to their efforts that the Scottish Parliament passed a legislative consent motion in February. The Welsh Government published a legislative consent motion on 5 March and recommended that consent be granted to clause 3 and relevant parts of the schedule. Due to a mis-step during the moving and consideration of the motion, that legislative consent was not granted. I understand there are plans for a further Senedd vote on legislative consent for clause 3 and relevant parts of the schedule. However, in the event that a further vote is not scheduled in the Senedd before Royal Assent, the UK Government will proceed with the Bill without consent from Wales.
Members will know that the Northern Ireland Assembly was suspended when the Bill was introduced last November, which prevented us from seeking legislative consent at that time. However, my Department has engaged with Northern Ireland officials throughout this period, providing them with updates as the Bill has progressed through Parliament.